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  "documentTitle": "Nuvei Corp (NVEI)",
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  "notes": "Uses a red flag icon to signal a warning/red flag in the activist thesis.",
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      "text": "We question why Nuvei would buy a controversial entity, only to see its revenues decline sequentially post close. Furthermore, Nuvei quickly revised the contingent consideration lower by $4 million in the first quarter after the deal closed.",
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      "text": "We question why Nuvei would buy a controversial entity, only to see its revenues decline sequentially post close.",
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      "text": "revenue: -11.3%",
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      "text": "The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. Since the initial purchase price allocation was estimated, contingent consideration has been reduced by $4,000 and trade and other payables have increased by $650 and those adjustments have been reflected as an adjustment of $3,350 to goodwill.",
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      "text": "The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. Since the initial purchase price allocation was estimated, contingent consideration has been reduced by $4,000 and trade and other payables have increased by $650 and those adjustments have been reflected as an adjustment of $3,350 to goodwill. — Nuvei Q2'21 Financials, p.9",
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      "text": "Source: Nuvei Q2'21 Financials, p.9",
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      "text": "1) PwC \"The art and science of contingent consideration in a business combination\"",
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      "text": "Base Commerce Revenues Post Acquisition Jan 1, 2021",
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